(Aviation-NewsWire.Com, June 25, 2020 ) The Global Aerostat Systems Market has been estimated to be worth $5.42 Billion in 2016 and is expected to be valued at $10.95 Billion by 2021, registering a CAGR of 15.10% during the forecast period. This report covers the forecast of the aerostat system market and its dynamics over the next five years, while also recognizing the market application gaps, evolving technologies, recent developments in the market, and high potential geographic regions and countries.
On the basis of product type, the aerostat systems market has been segmented into balloon, airships and hybrid. The segment comprising airships is projected to be the fast-growing segment in the aerostat systems market, segmented based on product type, registering a significant CAGR during the forecast period of 2016 to 2021. Airships are expected to use as a means of transportation to deploy troops or cargo in areas, which have inadequate infrastructure.
On the basis of propulsion system, the aerostat systems market has been segmented into powered and unpowered systems. The segment comprising powered aerostat is projected to be the fastest-growing segment in the aerostat systems market, by propulsion systems, registering a significant CAGR during the forecast period of 2016 to 2021. The demand for unpowered aerostats, such as airships is expected to increase owing to their versatility and lesser fuel consumption.
The market of aerostat systems has been segmented based on the class into compact-sized, mid-sized and large-sized. The large-sized aerostats is projected to be the fastest growing segment in the aerostat systems market with the significant CAGR during the forecast period of 2016-2021, primarily driven by the increased need for tethered aerostat systems, airships as well as Helikites by the defense forces worldwide, and is expected to bolster the demand for such aerostat systems.
The aerostat systems market is dominated by North America, followed by Europe, Asia-Pacific, and Rest of the World (RoW). The Middle East region is expected to exhibit the highest growth rate in the aerostat systems market, during the forecast period from 2016 to 2021.
Key Market Players
The major players in this market have been identified to be TCOM L.P (U.S.), Lockheed Martin (U.S.), Augur Rosaerosystems (Russia), RT LTA systems ltd (Israel), Raytheon (U.S.), and Raven Industries Inc. (U.S.).The report classifies the aerostat systems equipment market based on product type, class, propulsion system, and payload.
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